Implementation of electronic fund transfer using new symmetric key algorithm based on simple logarithm

Electronic Fund Transfer involves electronic transfer of money by financial institutions. EFT is the groundwork of the cash-less and check-less culture where and paper bills, checks, envelopes, stamps are eliminated. EFT is used for transferring money from one bank account directly to another without any paper money changing hands. The most popular application of EFT is that instead of getting a paycheck and putting it into a bank account, the money is deposited to an account electronically. Cryptography has been used for years to secure electronic funds transfers. However, in theelectronic data interchange environment, cryptographic controls are still in their infancy. In this paper, we examine the function and operation flow of the electronic funds transfer process as well as its security control mechanism. To evaluate telecommunication and data security techniques, a standard-leading inter-bank payment system called the Society for Worldwide Inter-bank Financial Telecommunications System is introduced.